Mortgage Glossary

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Hazard Insurance

Insurance on a property against fire and similar risk.

Heirs and Assigns

An association of people who won homes in a given area for the purpose of importing or maintaining the quality of the area.

Home Equity Line of Credit (HELOC)

A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.

Homeowners Association

An association of people who own homes in a given area for the purpose of improving or maintaining the quality of the area.

Homeowner's Policy

Policy which expands the insurance for a homeowner. It may include theft, liability, earthquake, etc.

Homeowner's or Maintenance Fees

Payments made by property owner(s) of a condominium or a unit in PUD to the homeowners' association for expenses incurred in upkeep of the common areas.

Housing and Urban Development (HUD)

The federal government agency that oversees FHA.

HUD 1

A closing document required by HUD that outlines the settlement cost of a loan. The closing agent generally prepares the document and buyer receives it shortly after the loan is closed.